Ecclestone removed as F1 CEOposted in F124 | 01 | 2017

FORMULA 1’S NEW owner, Liberty Media, has confirmed Bernie Ecclestone will surrender his role as chief executive of the sport with immediate effect. Chase Carey will take on the role immediately.

The announcement ends 86-year-old Ecclestone’s 40-year-reign at the helm of F1; he has though been handed an honorary role as chairman emeritus.

According to Liberty Media, Ecclestone "will be available as a source of advice for the board of F1”. Carey, meanwhile, will add the role of CEO to existing duties as F1 chairman.

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1,” Ecclestone said in a statement released by Liberty.

"I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.

"I'm very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1.

"I am sure that Chase will execute his role in a way that will benefit the sport."

Carey added: "I would like to recognise and thank Bernie for his leadership over the decades.

"The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.

"Bernie's role as chairman emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."

As part of the announcement, Liberty Media also confirmed its acquisition of F1 had been completed.

Greg Maffei, president and CEO of Liberty Media Corporation, has been appointed deputy chair of the board of F1.

Related: Liberty Media purchases Formula 1

Keep up-to-date with all the latest news by following us on twitter.com/Scotcars

Jim McGill